Sri Lanka's Interblocks bought by Japan's Hitachi-Omron
Aug 02, 2019 22:09 PM GMT+0530 | 0 Comment(s)
BLOCK DEAL: Hitachi-Omron will purchase all stock of Interblocks Ltd, to make it a fully owned subsidiary
ECONOMYNEXT - Interblocks Ltd, a Sri Lanka-based fintech firm, which develops online payment and automated teller technology is to be by Japan's Hitachi-Omron Terminal Solutions for an undisclosed sum.
Interblocks had been working with Hitachi-Omron from 2018.
"Since we commenced our business alliance agreement last year, our teams have been jointly developing solutions for payment channels..," Hitachi-Omron Terminal Solutions Representative Director and President, Tetsuya Yagi said in a statement.
"The invaluable contributions made in terms of software development by the Interblocks team has been vital to this success.
“With Interblocks joining our group, we are confident that we will now be able to work in closer collaboration to share expertise and technologies that will help develop a new generation of solutions for the financial and payment market,"
Hitachi-Omron and Interblocks will develop cash and non-cash payments technology for ATMs, mobile banking and smartphones for India, South East Asia and the global market.
"The rapid evolution of our partnership in the short period of just over a year is a testament to the exceptional synergies between our companies…" Interblocks Managing Director and CEO, Dinesh Rodrigo said.
"The unique knowledge and capabilities we each bring to the table will enable us to achieve this vision and continue to provide market-leading technology in this rapidly evolving space.
"It will also be a boost to Sri Lanka that, global leaders are still seeing opportunity in Sri Lankan businesses, we hope this sends a positive message to local companies and global investors alike."
Interblocks was set up in 2000, online payments, internet and mobile banking technology for banks and companies in Sri Lanka, Philippines and the rest of Asia
Tokyo-based Hitachi-Omron Terminal Solutions, Corp is a member of the Hitachi group with involved in ATMs and cash recycling. (Colombo/Aug02/2019)